A stronger labor market and increasing household formation should keep commercial real estate demand on a gradual incline, according to the National Association of Realtors (NAR) quarterly commercial real estate forecast, released May 26, 2015. National office vacancy rates are forecast to slightly decrease 0.1% over the coming year as the demand for office space slowly improves. The vacancy rate for industrial space is expected to decline 0.3% and retail space 0.4% as manufacturing output increases and low gas prices and slight income gains boost consumer spending. An influx in new apartment construction is forecast to cause an uptick (0.1%) in the multifamily vacancy rate.
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